12 Aug

Report shows more people taking out buy-to-let mortgages

Report shows more people taking out buy-to-let mortgages

According to a recent report by the Council of Mortgage Lenders (CML), there have been more people taking out buy-to-let loans in the UK.

Figures revealed today (August 12th) showed that there was a 13 per cent increase in the number of buy-to-let mortgages being signed up to in the second quarter of 2010, compared with the first three months.

At 24,900 mortgages taken out, it also represented a 15 per cent rise in the number of buy-to-let loans being accepted during the same period last year.

CML director general Michael Coogan said: "There is every reason to expect the buy-to-let sector to continue to make a powerful contribution to helping meet the country's varied housing needs."

He added that more people have been encouraged to enter the buy-to-let industry as a result of a strong tenant market.

Managing director at Mortgages for Businesses David Whittaker also stated that the outlook for landlords has improved.

He said that there have been positive developments over the lending criteria of buy-to-let mortgages. ADNFCR-1222-ID-800023178-ADNFCR

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